Investec : Commerzbank and Investec jointly arrange financing to provide safe drinking waterInvestec and Commerzbank, in collaboration with Swis...
Published on by Water Network Research, Official research team of The Water Network
Investec and Commerzbank, in collaboration with Swiss Export Risk Insurance and Atradius Dutch State Business, have concluded a loan agreement with Côte d'Ivoire's Ministry of Economy and Finance to develop and rehabilitate essential water supply infrastructure across up to 111 locations, enhancing access to potable water in these areas.
In the build-up to World Water Day and the United Nations (UN) 2023 Water Conference held in March, Investec and Commerzbank signed a commercial loan agreement with the Ministry of Economy and Finance of Cote d'Ivoire to finance a critical drinking water project for the country. The project will facilitate the safe and efficient abstraction, treatment, storage and distribution of drinking water in rural areas that have been characterised by damaged or absent water infrastructure and vital water treatment processes.
Commerzbank acted as mandated lead arranger with Investec as co-arranger for the commercial loan. The total loan amount is approximately EUR178 million, of which EUR152 million will be provided by Commerzbank and covered by Switzerland's export credit agency, Swiss Export Risk Insurance and re-insured by Atradius Dutch State Business. The remaining commercial loan of approximately EUR26 million will be provided by Investec. Bluebird Finance & Projects has acted as lead financial arranger for the EPC contractor.
The project is a sub-project of the Ministry of Hydraulics' "Water for All" priority programme (Water Programme) that aims to promote access to potable water in remote villages in Cote d'Ivoire. The project will comprise 111 sites that will be organised into four lots for execution and to which the essential supply infrastructure will connect. All infrastructure will be designed and installed by world-class engineering, procurement and construction EPC contractor, Rimon Group Limited (Rimon), which specialises in water transmission and treatment projects. The development activities will include borehole drilling and electrical pump installation, the construction of water reservoirs and associated treatment units, and distribution pipes, which Rimon is well-placed to implement following its extensive water project experience worldwide.
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